Gas Watch: Prices at the pump continue to drop, but more slowly

Talk 1370 Newsroom
August 22, 2019 - 1:21 pm

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AUSTIN (Talk1370.com) -- Gas prices are continuing their downward trend at the pump this week, but analysts say the decreases are slowing.

AAA Texas' Weekend Gas Watch says the average price for a gallon of regular unleaded in the Austin metro area is $2.35 this week. That's a four cent drop from last week and 25 cents cheaper than this time last year.

Across the state, Texans are also paying an average of $2.35 - down two cents from last week and 26 cents cheaper than a year ago. Drivers in Odessa are paying the most on average at $2.58 while drivers in McAllen are paying the least at $2.14 per gallon.

Nationally, the average sits at $2.60, down four cents this week and 23 cents cheaper than last year.

Analysts say recent declines in crude oil prices are contributing to lower gasoline prices, at least for now. Demand for retail gasoline remains strong, slowing the rate at which pump prices are falling. According to the Energy Information Administration, demand was recorded at a surprising all-time high, but it is expected to drop in the coming weeks as summer comes to an unofficial end.

"Gas prices are continuing to drop in most Texas metro areas, except in Dallas/Fort Worth and Sherman where prices increased slightly week-to-week," said Daniel Armbruster with AAA Texas. "Texans are saving 26 cents per gallon, on average, compared to this same time last year."

Motorists in the region are enjoying savings at the pump compared to last year at this time. Ten South and Southeast states have gas price averages that are a quarter or more less expensive: Louisiana (-37 cents), Florida (-35 cents), Mississippi (-31 cents), Oklahoma (-30 cents), Arkansas (-28 cents), South Carolina (-27 cents), Alabama (-27 cents), New Mexico (-27 cents), Texas (-26 cents) and Georgia (-26 cents).

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